diff --git a/furniture-3d-system/src/server/repositories/supply-chain-product-archive-replacement.repository.ts b/furniture-3d-system/src/server/repositories/supply-chain-product-archive-replacement.repository.ts
index 4b9f8ef6..bea826ca 100644
--- a/furniture-3d-system/src/server/repositories/supply-chain-product-archive-replacement.repository.ts
+++ b/furniture-3d-system/src/server/repositories/supply-chain-product-archive-replacement.repository.ts
@@ -3,13 +3,15 @@ import { prisma } from '@/lib/prisma'
 export type ProductArchiveReplacementRule = {
   sku: string
   replaceSku: string
+  sourceCreatedAt: string | null
+  sourceId: number
 }
 
 // 简尚「替换款管理」换货规则：sku = 原编码（老），replaceSku = 替换编码（新）。
 export async function listProductArchiveReplacementRules(): Promise<ProductArchiveReplacementRule[]> {
   try {
     return await prisma.$queryRaw<ProductArchiveReplacementRule[]>`
-      SELECT sku, "replaceSku"
+      SELECT sku, "replaceSku", "sourceCreatedAt"::text AS "sourceCreatedAt", "sourceId"
         FROM "SupplyChainProductArchiveReplacementRule"
        WHERE "replaceSku" <> ''
        ORDER BY "sourceCreatedAt" ASC NULLS LAST, "sourceId" ASC
diff --git a/furniture-3d-system/src/server/services/supply-chain-product-sabc.service.ts b/furniture-3d-system/src/server/services/supply-chain-product-sabc.service.ts
index 37703109..0e159b20 100644
--- a/furniture-3d-system/src/server/services/supply-chain-product-sabc.service.ts
+++ b/furniture-3d-system/src/server/services/supply-chain-product-sabc.service.ts
@@ -135,21 +135,24 @@ function normalizeCode(value: string) {
   return String(value ?? '').trim().toUpperCase()
 }
 
-// 同款商品编码（业绩&费比合并计算）规则：新编码承接老编码业绩；一个老编码对应多个新编码或形成替换链时暂不合并。
-function buildReplacementIndex(rules: Array<{ sku: string; replaceSku: string }>): ReplacementIndex {
-  const oldToNews = new Map<string, Set<string>>()
+// 同款商品编码（业绩&费比合并计算）规则：新编码承接老编码业绩；
+// 同一老编码有多条规则时取创建时间（sourceCreatedAt）最新的一条；替换链（A→B 且 B→C）暂不合并。
+function buildReplacementIndex(rules: Array<{ sku: string; replaceSku: string; sourceCreatedAt?: string | null; sourceId?: number }>): ReplacementIndex {
+  const latestByOld = new Map<string, { newCode: string; at: string; sourceId: number }>()
   for (const rule of rules) {
     const oldCode = normalizeCode(rule.sku)
     const newCode = normalizeCode(rule.replaceSku)
     if (!oldCode || !newCode || oldCode === newCode) continue
-    const set = oldToNews.get(oldCode) ?? new Set<string>()
-    set.add(newCode)
-    oldToNews.set(oldCode, set)
-  }
-  const oldToNew = new Map<string, string>()
-  for (const [oldCode, news] of oldToNews) {
-    if (news.size === 1) oldToNew.set(oldCode, [...news][0])
+    const at = String(rule.sourceCreatedAt ?? '')
+    const sourceId = Number(rule.sourceId ?? 0)
+    const current = latestByOld.get(oldCode)
+    if (!current || at > current.at || (at === current.at && sourceId >= current.sourceId)) {
+      latestByOld.set(oldCode, { newCode, at, sourceId })
+    }
   }
+  const oldToNew = new Map<string, string>(
+    [...latestByOld.entries()].map(([oldCode, value]) => [oldCode, value.newCode]),
+  )
   for (const [oldCode, newCode] of [...oldToNew]) {
     if (oldToNew.has(newCode)) oldToNew.delete(oldCode)
   }